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are transforming the global economy." he was in atense for the fall for the book festival held annually at the university. it's about a half an hour. >>> now joining us here at george maison university is professor philip auerswald. the most recent book is "the coming prosperity: how entrepreneurs are transforming the global economy". here's the cover of the book. professor, what role does -- play in economic development? >> well, that's a great question, and maybe i'll talk about what role does fear play in our conversation about. the conversation about the present. when we talk about our reality and share our idea in a marketplace, we're competing with other ideas. we know three things about marketplaces for ideas. short term sells better than long-term, fear sells better than hope, negative sells better than positive, and exaggerated sells better than moderated. so we see a disproportionate number of short term narrative of negative, exaggerated stories essentially. so short term negative exaggerated. that is overrepresented in the marketplace of ideas. there's good reason for that.
and boost the economy. mr. benishek: our nation is facing significant challenges. a weak economy, record deficits and a federal government we cannot afford. many northern michigan citizens fear for the future of our republic. the american people deserve solutions to these problems and comprehensive tax reform is a key part of these solutions. president obama has made it clear that his preference is to raise taxes on families and businesses, but that plan won't fix our national debt. it won't improve the economy. instead, congress should focus on tax reform and real significant spending reductions. the american people have chosen divided government, and with that comes a responsibility for us to work together and to fix the pro-our nation faces. i -- the problem our nation faces. i ask my colleagues to help resolve this fiscal crisis and do what's best for the american people. thank you. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from pennsylvania seek recognition? >> i ask unanimous consent to address the house for one minute. the speak
and we had some growth in the economy, i don't think they would object to going back to the tax rates. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting point? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw
. and furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, again the wrong direction. host: and that was the new g.o.p. conference secretary voicing her thoughts on the fiscal cliff negotiations yesterday. and we want you to address the issue of what the g.o.p. is raising, which is address the spending problem. 202 is the area code for our numbers. that's our question this morning in this first segment of the "washington journal." you can also contact us via social media and email. you can make a comment on our facebook page, and finally send us a tweet. here is the hill newspaper from this morning. g.o.p. forget tax rates in talks on the deficit, let's look at the spending. the speaker's swift rejection of an idea floated by representative tom cole of oklahoma, a respected party strategist and former chair of the house g.o.p. campaign committee came as the republicans voiced increasing concerns over the debate of the so-called fiscal cliff. boehner said it's time for them to get serious about the spending problem that our country has. republicans complain t
-- never rise above it, what does that say about our country? to me, it says our economy is failing to provide the basic security, much less rising wages. our schools are failing to provide a path out of poverty our families and communities are breaking down -- out of poverty. our families and communities are breaking down. our homes and neighborhoods. at a time of great consequence, the american people have chosen a divided government. it is up to us to make this divided government work. we have to set aside partisan concerns. how to work together to prepare this economy to get people back on their feet? how do we get this sense of real security and upper mobility for all americans, especially those in need? they are the same. the old ways will not do. we need new thinking and renewed efforts from all americans. it is true that president obama won reelection. i congratulate him on his victory. on january 20, he will face a a fiscal economy and and i mess. you might say he will inherit these problems. [laughter] [applause] he his second term, i hope t will offer fresh ideas. failure
will be blamed. remember, this is the obama era. it's going to go down as his economy. i ask people who was speaker of the house during the great depression when roosevelt was president. i'll give a hundred dollars to anyone who can name who the speaker of the house was in the critical first hundred days -- >> jim over there would know. >> henry thomas reigny. now, there's a name in the history books. point being, the speaker is an important player, this is significant, but it is obama's job to lead and define so if there's negative consequences here, particularly in the economy, it's going to be in the obama era, things didn't get fixed. who is it? the australian finance minister who says the united states is one budget deal away from being a great country. there's a lot of people in business who think we are poised to do some really good things in the global economy, the united states is, but if we can't untangle this mess, it's not going to happen. >> you know about the inner workings in the government more than any living person, every single administration of our lifetime. you've b
emerging economy. we asked about the report the government makes for business and enterprise. it is fair to say that his answer has captured the imagination of all political parties that will respond formally in the spring. so here's what we will do now. first, government spending should be alone with the business community. we will provide new money to support the partnerships. from april 2015, the governmental elites one of the funding and get people back to work. the gross funds are having businesses get back into the game. we are going to support businesses and technologies where britain has a clear technology advantage. we will extend our global lead in aerospace and support the supply chain for advanced infection. we've also support british companies to new emerging markets in asia and africa and the americas. and increasing the funding for the uk by over 25% a year. so they can help more firms build the capacity of overseas british chambers and maintain our country's position as the number one destination in europe for foreign investment. we are launching a new 1.5 billion pounds
is going to take a more, i would say rational approach to how to deal with their own economy and how they deal with their own people, and how they deal internationally. and so i think generally there's been a feeling that there might be some hope there. however, now we are approaching, once again, a potential violation of a u.n. security council resolution, and we encourage the leadership in north korea to consider what they are doing here and implications in the overall security environment on the korean peninsula, as well as destination. >> anything new? we been hearing some rumblings for some time that there might be some activity on that front. anything new that you can provide in terms of insights into launches or things like that? >> well, i think you're tracking a pretty well. i think from the media today there are indications declared indications of their intention to do what they would call a peaceful satellite launch. and we believe it is in contradictory to the u.n. security council resolutions, that because of the nature of the type of missile they will be firing and the
forward, helping us revive this economy. we don't want to set them back. and so why not do what the senate did several months ago in passing a bill bipartisanly that protects the middle class from seeing their taxes raised? we only need a few dozen republicans, quite honestly, to get that done because we're about to sign a discharge petition that we are going to declare as democrats that we are ready to plass the middle class tax protection act which will make sure that middle-class families do not watch their taxes go up simply because republicans are intent on protecting millionaires and billionaires and are holding middle-class families hostage to that increasing tax. we believe we can end december, certainly before the holidays on a really good note, maybe still having some disagreement but at least let's agree that we're not going to let the american people watch congress play this game of chicken right before the holidays where the american people are the hostages when we know that we have bipartisan agreement on protecting the middle class. and so we are thrilled that mr. walz has t
, doesn't you agree, would be tremendous not only to him but to the economy and to our country. >> and we want to bring in and say good morning to congresswoman diane black, a republican from tennessee, a member of the house budget and ways and means committee. congresswoman, is great to have you with me right now. as we speak, house minority leader nancy pelosi is giving her briefing this morning. weep put that up for everybody to see. when we talk about where we are in the staging of all of this, all the drama, the back and forth, the clock ticking, americans truly watching this, you think that the house would be in session today but you all closed up house day early, streamed out yesterday in a walkout. what gives? how do you explain this to the american people when they expect you should be at work trying to resolve this? >> i'm not sure you would call it a walkout. we're waiting for the president to act. we have laid something on the table and we continue to be stalemated by the president and his administration. i am so disappointed that the treasury, geithner, said yesterday they're
. >>> chinese government economists say they expect their economy will grow this year by less than 8%. it would be the first time in 13 years it's dropped below that mark. the government targeted growth of 7.5%. a representative of the chinese academy of social sciences said the economy will grow 7.7%. >> translator: china's exports are slowing because of the european debt crisis and the global economic slow down. >> li said economy bottomed out in the july through september quarter. the country's consumption and industrial output improved in september and october. he predicts growth will rebound next year to about 8.2%. he said increased public investment and more monetary easing would spur the economy. but li called for flexible government policies if the situation in europe gets worse. >>> the new leader of the chooeds communist party is sending out mixed signals. xi jinping says he wants to pursue a peaceful foreign policy. at the same time, china is locked in territorial disputes with japan and several southeast asian nations over islands in the east and south china seas. xi told a group o
two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50
group and give to the other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic activity, why don't we go to a 95% tax rate and then we'll really have a booming economy? the reason that no one proposes that is because no one really believes that. that's why the accelerated tax rate that's being recommended by the white house is also being proposed by another stimulus plan, a spending plan. here's the example that i can talk about with this. when people talk about just raise taxes in the upper 2%, well, here's an example of what's being proposed by the president. capital gains will go to 28.3%. dividends will go from 15% to 43.4%. now, i have a lot of people that will say to me, just raise it on the upper bracket. but when i tell them, can i tell you what that means? their taxes go from 15% to 43.4%, i have yet someone stop me and say, that's fair. it sounds so much easier to say, raise it on someone else, not on us. we have to solve the problem. just raising taxes doesn't solve the problem. we're spending $1 trill
economy. >> they could play havoc with the world economy. i think you would see a wave of terror across the region, potentially even here at home. i don't think, just for your personal, as per personal opinion, i don't think they would try to block the persian gulf because that would cut their own throats, but i would not be surprised to see them attack the oil facilities of other countries on the periphery of the gulf. and to do other things that would drive the price of oil through the roof but i think -- and i think you would see them behave in a very different way in both iraq and afghanistan. >> rose: based on everything you know, do you believe that they will respond to the economic embargo, the economic sanctions if we turn that screw as hard as we possibly can? >> i don't think the government will, if there is one thing that the iranians, saddam hussein, the north koreans and bashar al-assad all have in common is they don't care how many other people get killed. >> rose: even their own people? >> it is what happens to them that matters. so the question is, do those, can the sanc
economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know that we are making progress, and the message today is that we are making progress. it is a hard road, but we are getting there. >> he pointed to the economic problems globally that are making his job harder. as a result, the chancellor announced austerity would have to last for logger, until 2018, in fact. that means more benefits will now be squeezed, and there will be a tax rates on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books a
disasters. that's precisely the time that the local economy and taxpayer are least able to pay the full cost of recovery. they need money, personnel and assistance, but that doesn't mean a permanent entitlement to risky behavior. the federal government should deal with what is truly catastrophic and with the humanitarian costs. families obviously should not be less destitute, hungry and homeless in the aftermath of natural disaster. there is, however, no reason that we encourage the repetition of these terrible events. in a time of fiscal stress and budgetary realignment, we should include government disaster spending, liability and development policy as we address the fiscal cliff. done right this will not only save money but countless lives as well. the speaker pro tempore: the chair recognizes the gentlewoman from new york, ms. hayworth, for five minutes. ms. hayworth: thank you, mr. speaker. mr. speaker, all work in congress during these final weeks of 2012 is focused on the fiscal cliff. we're worried and rightly so about what it means to our economy, to our future, to the daily lives r
has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: neither side showed signs of budging today as the nation edged closer toward a so- called fiscal cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the
are the impediments to that? we have an economy that aren't creating enough of those middle-class jobs and we don't have enough people with skills to do those jobs and there are a lot of people that fall into those categories. access to education and the impediments i faced in my own life to education and how impossible it would have been for us to go to college if there weren't pell grants and student loans. it's the social realities and social changes that have occurred. you can't separate economic well-being from their social well-being. there are many young kids in america that are growing up in difficult circumstances raised by heroic parent, a grandmother in substandard housing, poor nutrition and schools that are failing. those kids are going to struggle. they don't go to after-school activities because the paints can't afford the fees. can you succeed? there are parents out there doing amazing things and will be the first ones to tell you, it is hard, but we can't be the country we need to be if we don't address that. government can have a role but civil society has a bigger role and we s
low. that's what our economy needs. that's what the american people deserve. >> bill: you'll see some photos of this event yesterday at the white house up on our web site at billpressshow.com. again, the president pointed out it's passed the senate. get it through the house. he's got his pen ready to go. >> obama: democrats in the house are ready to vote for that same bill today. if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. i gotta repeat, i've got a pen. i'm ready to sign it. >> bill: he held up his pen. i've got a pen. he says a few house republicans that's right, you don't need that many but you need to bring it up for a vote. boehner won't do it. why won't boehner do it because boehner says that still says -- he's just dead ass wrong he still says that raising taxes on the wealthiest of americans on the 2% would cost -- would kill jobs and kill the economy and we know from the eight years under bill clinton proven just the opposite. in the
's credibility, and it's important for america's economy and economic growth. that plan has to be balanced and that means significant revenues, and it has to go around. typically that means the wealthy and well off have to pay their fair share as well. again, these are not new issues. they are ones that were debated. they came up in every debate. even foreign policy debate. and so we think that the american people are on the side of the president and democrats. that is not to say -- [inaudible] we want to remind everyone that there's already been a trillion dollars, over a trillion dollars in spending cuts. and so that is a significant part of this debate, because it happened last year. but just because washington has a short memory doesn't mean we all should have one. and that there's already been sacrifice on behalf of through those discretionary cuts. we are particularly excited doing a lot of work on the fiscal cliff. we talked about medical savings through the programs, address rising national expenditure. will have more to say on taxes, but we are ecstatic to have senator durbin here
and being hurt. everyone i know is already seeing cutbacks, and the economy is going to be disastrous and only going to get worse under obama. >> stephanie: by the way that was dexter von frisch? >> it was. >> stephanie: he just screams at ann coulters voice? >> it's like an earthquake he just screams before it happens. >> stephanie: kids carbonite backs up everything for you. >> i hope news buster has carbonite, so they save all of our transcripts. >> stephanie: right. absolutely. carbonite set it up once and then it's easy, and then all of your files are backed up automatically and continually. you don't want to think about what would happen if you lost everything. financial documents, music, pictures all of that stuff you have in there. unlimited backup space from your computer. carbonite always has one low fee for your small business. i have carbonite at home and here. get it now. plus you debt two free bonus months with your subscription. that's carbonite.com the offer code is stephanie. >> i think your show is absolutely vulgar. i think it's sad. >> stephanie:
that this is a self-inflicted wound on our economy, you're exactly right, our current policy. we're educating brilliant students and then compelling them to go to work in shanghai or singapore rather than san antonio or the silicon valley. meanwhile, we're handing out tens of thousands of diversity visas to immigrants chosen by a random lottery, without regard to any qualifications they might when it comes to job creation and entrepreneurship. it makes absolutely no sense. i believe we need an immigration policy that serves our national interest. and if there's one thing that we need more than anything else now is we need job creators and entrepreneurs in the united states. and we know in the -- in the global economy, it's people with the special skills in science, technology, engineering and mathematics are the ones that are going to help us create jobs and grow the economy. not just for these individuals, but for the people that are hired by the start-up businesses that they will create. the stem jobs act would mitigate the problem with the diversity lottery visa which, again, does not dist
. in conclusion, the bill will benefit our nation's economy by helping american innovators and businesses better protect their inventions overseas. i urge my colleagues to support the legislation, and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from texas. mr. smith: mr. speaker, we have no other speakers on this side. i yield back the balance of my time as well. the speaker pro tempore: the gentleman yields back. the question is will the house suspend the rules and pass senate 3486. those in favor will signify by saying aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from texas seek recognition? mr. smith: mr. speaker, i move that the house suspend the rules and pass s. 2367, the 21st century language act of 2012. the speaker pro tempore: the clerk will report the title of the bill. the clerk: senate 2367, an act to strike the word lunatic from
actors. we can prove that america is still the leader of a global economy. people are watching. do we still have it. or, we can let a instruction is an and stagnation turn this country that we all love so much into a second place state. i spent a few days last fall meeting with the european leaders as they are about a week meeting of finance ministers, head of european commission, anybody can talk to try to get europe, both countries, as well as germany and finland, each with different points of view. also all the common view, they've got to find a way to work out all their differences to save the hero. and i believe they will. you can just see it, feel it, read between the lines, they are going to find a way. they will muddle through but they will find a way to get it done. these countries are also looking to us to be. and we need to lead. europe shows us the danger of uncertainty. we know the uncertainty just in this country. uncertainty leads businesses sitting at the sidelines. drags down investment economy, human capital, companies will postpone decisions next quarter. maybe the
that raising tax rates would be counterproductive at a time when our economy is -- is so weak and there is another opportunity here and that's for tax reform. the jobs crisis and the debt crisis are linked and the president's made that pointed. he sai-- and the president's mat point. he said that his priority in the grand bargain discussions, the fiscal cliff discussions is to make sure that we encourage economic growth and jobs and so we should use this as an opportunity to address the underlying problem as that are holding back our economy. an economy that's in tough shape today. unemployment is still stuck just below 8%. the projections c.b.o. have given us for next year, by the way, are continued anemic growth in the economy and, in fact, unemployment actually going up, not down. the economic case against just imposing higher taxes is really overwhelming. we all know if you tax something, people tend to do less of it. that's one reason why smoking is taxed, to push people to quit smoking. so i want to raise taxes on working, on saving and on investing. instead, we should e
and is fair. that would be good for businesses, for our economy, for future generations, and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue. we have to cut spending we don't need. and if we combine those two things, we can create a path where america's paying its bills while still being able to make investments in the things we need to grow like education and infrastructure. we know how to do that but in washington nothing's easy so there's going to be prolonged negotiations and all of us are going to have to get out of our comfort zones to make that happen. i'm willing to do that. i'm hopeful that enough members of congress in both parties are willing to do that, as well. we can solve these problems, but where the clock is really ticking right now is on middle class taxes. at the end of the year, middle class taxes currently in place are set to expire, middle class tax cuts surge in place are set to expire. there are two things that can happen. if conditioning does nothin
'll be impacted, won't be able to put more money into the economy, won't be able to help turn the economy around. so that really is sort of the big sticking point. the white house refusing to budge from it at this point. we'll see where it goes in the next coming days. >> topic two, that is that the president is meeting with the leaders of the national governors association. i have the lineup here. a lot of people haven't heard of some of those folks. jack markell, dayton, beebe, gary her bet of utah, mary fallin of oklahoma and wisconsin's goff scott walker who i think a lot of people are familiar with. the question is why are they there, what do they want and why wh -- what do they want to say? >> a lot of reasons. the president wants to make his case to them, and then in turn hopefully that they will go up on capitol hill. of course, some of them will be meeting with house speaker john boehner and senate majority leader harry reid. so the hope is they will put pressure on their lawmakers from their states to get a deal done. but also this is a chance for these governors to talk about the fact
of this country's economy. and actually, things are looking up, if you look at -- >> they're not saying that. >> -- the data. >> they're not saying that. i'm saying small business owners will be hurt. >> yeah. >> if you raise taxes. but -- we're talking about compromise. this is my view. you've got your view. you know what the answer is? >> yeah. >> getting together and talking saying, listen, this is what i can live with. you know what? 39.6% is offensive, even raising it 1 percentage point is offensive. why don't we do what warren buffett says and anybody that makes $1 million or more pays 30%, a minimum tax rate of 30%. and you raise the level up to $500,000 instead of $250,000 and i'll go ahead and reluctantly agree to raise the top rate to 37%. that's how deals are done, but you never get there if you don't have a president and congress -- >> but they can't do that now. >> why can't they do that? >> it's the centerpiece of their argument since the campaign and tim geithner on the sunday shows. they say there is no deal about raising taxes on the wealthy. >> and they're right. the matter
the eurozone confirms weakness. the economy in finland has slipped into a recession during the last quarter. the belgian economy only managed to stagnate. the services sector in the eurozone only managed to slow down its contraction. the transport companies, trade companies, and other companies of the services sector are far from being able to report a change of trend to the positive. no wonder that the stock market in frankfurt did not really get into gear this wednesday. an exception was made by these stocks -- the stocks of nokia. it announced an exclusive deal with china mobile, the world's largest mobile-phone services provider. they have more than 700 million subscribers. >> let's take a quick look at some market numbers. the dax ended the day at about -- up about 1/4 of 1%. euro stoxx 50 closed just a a tad up. -- just a tad up. the dow jones is at 13,076. the euro is trading at 1.3079. >> un generate -- un secretary general ban ki-moon is calling on nations to come to an agreement about how to stop global warming. he made those comments at the climate talks in qatar. and he is tryin
the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know that we are making progress, and the message today is that we are making progress. it is a hard road, but we are getting there. >> he pointed to the economic problems globally that are making his job harder. as a result, the chancellor announced austerity would have to last for logger, until 2018, in fact. that means more benefits will now be squeezed, and there will be a tax rates on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set
. that's what our economy needs. that's what the american people deserve. gd if we get this part of it right, then a lot of the other issues surrounding deficit reduction in a fair and balanced, responsible way are going to be a whole lot easier. >> reporter: white house officials say mr. obama is not interested in personally meeting with congressional republicans because those meetings did little to resolve the 2010 debt ceiling crisis. but when mr. obama later skipped congressional meetings and campaigned to extend the 2% payroll tax cut and maintain lower student loan interest rates, he won. the president is primarily focused on step one of this process-- winning the middle class tax cut debate. step two is being led by his treasury secretary jim geithner and liaison rob nabors. they are going to work with congress on spending cut and other fiscal cliff details. the first meeting will be tomorrow on the hill. >> pelley: major, president said today he thought all this could be done by christmas. why does he think so? >> reporter: because that is the big takeaway, scott, from th
beyond that's going to be good for the long term american economy. >> but you said you're getting closer, they're saying you're getting much farther apart. they say that this is not a serious proposal. >> we have a very good plan. we have a very good mix of tax reforms that raise a modest amount of revenues on the wealthy 2% of americans. combined with very comprehensive, very detailed savings that get us back to the point where the debt is stable and favorable. if we can do that carefully, we can invest in things to make america stronger. we can rebuild infrastructure. we think those are good investments in america and we think we can afford them. >> let's look at an outline of what republicans said they heard in the meeting. $1.6 trillion in tax increases over the next ten years. $50 billion in stimulus spending right now. $400 billion in unspecified medicare cuts. over the next ten years. and then, permanent authority to increase the debt limit the president wants that authority. they look at that 1.6 trillion in revenue and say it's twice as much you get from raising taxes on the wea
's not a threat. she said, listen, these are the facts. >> nice little economy you have there. nice little economy you have there. it would be a shame it if anything happened to it. that's not a threat. look, we have to start looking at what happens if we do, in fact, go over the so-called cliff, and what happens is, you know, one thing is we take a huge bite out of the deficit. we do it in a crude may, and there would be immediate attempts to fix it and fine-tune it and take some back. some would probably get through. if you actually want to look at it from a policy standpoint, it may not be the worst possible option to just go over the cliff and then put back in the tax cuts and the spending increases or renewals that you'd like to put back in. so, you know, worst things could happen. >> well, listen, alan simpson and i go back to his sound from the "today" show, eugene. he said anyone talking about it in that way, there's stupidity involved. he didn't say, eugene, you better not because you're my buddy, but the reality is even our first read team says this notion or all of this media hype about
they were in 1980 or 1950, the question is given the world today and the other economies do we have a competitive tax system and i think our slow going economy under president obama says we don't. >> the new york times though makes a mention of, just a sort of a passing mention in this massive article, by the way, about the need to cut spending like one or two sentences about the need-- >> and i think that milton freedman brought us, that spending is really the tax bill. it's just delayed. so, every toll the government spends eventually they're going to have to take it from someone, either in taxes or in inflation, so, this is why you're seeing a lack of business investment is because this massive spending and huge debt tells every business owner, every investor, big tax are are coming to eventually pay for this. >> what was the point of the piece? i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies
about the u.s. economy. i think consumers are where it's at. we just got to get over this fiscal cliff thing. >> jonathan capehart. >> i learned president morsi of egypt is fanatical about "planet of the apes." >> that is really all you need to know. jonathan, thank you so much. rana, steve, michael and everybody, thank you for watching today. if it's "way too early," it's "morning joe." chuck todd is next with "the daily rundown." >>> together again. mitt romney makes his way to the white house. it's not exactly the way he wanted to get there. but can something constructive come out of a private lunch between president obama and the man he defeated just three weeks ago? that's right. that was just three weeks ago. >>> also this morning, a deep dive into america's longest war. look into lessons learned and the sacrifices made by troops at one combat outpost. tell us about what's been accomplished and what's not in more than a decade of fighting. as the country wakes up obsessed with numbers and winners, for the lottery, that, we've got a very important update on the election night numb
and is fair. that would be good for businesses, for our economy, for future generations. i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're iffing to have to raise a little more revenue. we got to cut on the spending we don't need, building on the trillion dollars of spending cuts we've already made, and if we combine those two things, we can create a path where america is paying its bills while still being able to make investments and the things we need to grow like education and infrastructure. so we know how to do that, but in washington nothing is easy, so, you know, there's going to be some prolonged negotiations, and all of us are going to have to get out of our comfort zones to make that happen. i'm willing to do that. i'm hopeful that the members of congress in both parties are willing to do that as well. we can solve these problems. but where the clock is really ticking right now is on middle class taxes. at the end of the year middle class taxes that are currently in place are set to expire. middle class ta
immigrant women. it is a reflection of the economy and they think it may rise once the economy recovers. >>> americans may soon have more privacy. tonight they approved the communication privacy act. it require as police to get a warrant before reading posts. right now it is only needed for e-mails. some groups are concerned the change could hamper investigations. >> police officers don't like to be slowed down in their pursuit of offenders. >> committee chair said the law will better protect privacy in the digit age. >>> we are on storm watch tonight and coming up in 2 minutes the rush to repair as a new wave of rain makes its way into the bay area right now. we are tracking it. >> a flash flood watch takes effect in one hour for the bay area, the dangerous conditions we could see. >>> complete bay area news coverage starts right now, this is ktvu channel 2 news at 6:00 p.m. >>> more rain is arriving in the bay area right now. this is crews rushing to clean up and shore up for the second wave in a series of significant storms. >>> hello. i am frank somerville. >> and i am julie haener.
will have a fundamentally adverse impact on the global economy spent it's doing it now with china and japan. that's interesting, as you've got two of the biggest economies in the world in a nightmare situation that raises a fundamental question, and it's of ending this myth that economics draws people closer together. part of the title today is "mischief or miscalculation?." during the cold war, what was interesting is you can have 17 different spheres of contact with the soviets and if two and if to implement you it's about 15 others. there was a lot of heavy investment figuring out how to communicate and how to coordinate, how to deal with escalation, how do you talk about that. and in this era, when i look at the amount of time, particularly in the obama administration, even more so than the george w. bush of administration, you look at senior officials who go to asia, throughout the region, and also the discussion and attempt to courtney with china. there seems to be a lot of that to try to coordinate. but again coming back to jim steinberg was the fourth member of this panel would happ
. businesses are starting at higher rate than any time in our history. this economy is on the right track. we are equipping britain for the global race and on like the party opposite we are in the side of people who work hard and want to do the right thing. what is the answer? more borrowing, more spending, more of the things that got us into this mess in the first place. >> mr. speaker, years ago the nhs spent five hundred million pounds on tamiflu without seeing the day on the effectiveness or safety and rather than being an isolated case it is normal for the drug industry to have almost complete control over the evidence based upon which crucial public decisions are made. will the prime minister asked to make available the full chemical study reports on tamiflu so the doctors, patients and taxpayers are not misled? >> my hon. friend does excellent work on behalf of the taxpayer through all of the very good questions and work that he does. he raises an important issue not only because of the cost to the taxpayer but also because of possible overstatement of benefits to patients. there does
soon because of our declining economy. >>> head coach dennis allan will be back with the team. allan came back to the bay area from texas and spent final moments with his father. grady allan died tuesday at the age of 66. >>> and 49ers take another step closer to finishing their stadium. coming up, the signing ceremony will mark a very special occasion. >>> and right now checking on traffic, there is definitely some fog out there. tara sees it on the san mateo bridge. >>> we saw some of it in that area and it is in patches and doesn't seem to be too bad. that is so we just want to make sure folks are aware of it and we will head out to the toll plaza. that is the most congested spot. we see a fire truck and we have a wait here which extends almost to the mcarthur maze, so give yourself an extra 15 minutes to get to san francisco. you can see traffic is moving nicely in both directions here and then in the south bay, this is 237 milpitas, folks are headed westbound towards sunny veil and it's a little bit of a delay, here is steve. >>> well, at least the rain is done, there is midst a
of his own party seem quite comfortable with sending the economy over the fiscal cliff. on tuesday, we had productive conversation at the white house. despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. secondly, no substantive progress has been made in the talks between the white house and the house over the last two weeks. this is not a game. jobs are on the line. the american economy is on the line. this is a moment for adult leadership. campaign-style rallies are not the way to get things done in washington. a discussion with the treasury secretary was frank and direct. we hope to see a specific plan for cutting spending. we sought to find out what the president is willing to do. i remain hopeful that productive conversations can be had in the days ahead. but the white house has to get serious. yesterday, the house leadership team met with erskine bowles and business leaders about averting the fiscal cliff and achieving an approach the white house says it wants. i made clear that we put real concessions
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